China industrial profits rise 6pc

Business | Agencies 29 Jun 2020

Profits at China's industrial firms rebounded in May for the first time since November 2019, signaling the economy is continuing to recover from the coronavirus shutdowns.

Industrial profits rose 6 percent to 582.34 billion yuan (HK$638 billion) last month from a year earlier, compared with a decline of 4.3 percent in April.

Meanwhile, China's securities regulator plans to grant investment banking licenses to commercial lenders as part of efforts to breed industry behemoths in the face of fiercer foreign competition, business magazine Caixin reported.

A pilot scheme could involve at least two of China's largest banks, The Industrial and Commercial Bank of China (1398) and Citic Securities (6030), getting the green light from the China Securities Regulatory Commission to conduct investment banking business on the mainland.


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